Carrier Management recently published a release from AM Best revealing that the homeowners insurance sector suffered an underwriting loss amounting to $15.2 billion in 2023. This loss is more than double that of the previous year and marks the worst underwriting results since 2000. This spike is attributed to increased weather-related events and shifting population demographics, leading insurers to confront significant challenges in underwriting and risk assessment.

As the adoption of solar panels in residential homes soars, insurance professionals face a growing challenge: adapting policies to cover this emerging technology. With nearly 3.2 million homes already equipped with solar panels and forecasts predicting significant growth, understanding the implications for homeowners insurance is crucial.

The connection between home inspections and securing reinsurance is crucial for insurance carriers. In this interview with AAIS Partner, Chrp Technologies, we delve into the pivotal role of maintaining a high-quality book of business for insurers seeking reinsurance. Micah Kalisch, Founder and CEO of Chrp Technologies, elucidates how adhering to inspection protocols aligned with stringent underwriting standards not only safeguards insurers against potential risks, but also enhances their appeal to reinsurers. He also discusses how Chrp can support underwriters throughout this process.

Due to today’s hard market, reinsurers are much more selective about the risks they underwrite. To secure reinsurance coverage, personal lines property carriers must maintain a healthy book of business and loss ratio.

As part of the AAIS Webinar Series, AAIS hosted a virtual discussion on December 7, 2023, featuring Chrp Technologies. Moderated by AAIS President & CEO Werner Kruck, the session explored the state of today’s home insurance market as well as the challenges and opportunities that lie ahead. Featured guest speakers Chin Ma, President of Chrp Technologies, and Brandi Wyrick, AVP of Experience at Orion180, reviewed how new and emerging technologies like Chrp can improve underwriting results and operational efficiencies. They also touched upon the role of artificial intelligence (AI) across the insurance space and how companies can leverage new capabilities to improve the customer experience.

“Check out my new drone. The camera and range are exceptional!”

“I’ve been getting out of the house more than ever with this new e-bike, have you considered getting one?”  

“Now that my solar array is complete, and I’ve connected the new 3000-watt home battery backup, I’m ready to go off-grid.”

There are new property insurance rules for Florida’s insurance carriers requiring elaborate document and process changes.

Don’t let the beautiful Florida sunshine blind you to the storm brewing in the personal lines property market. 

At the recent Florida Insurance Market Summit (FIMS), the legal and governmental consulting firm Colodny Fass presented some sobering statistics regarding the magnitude of the Florida homeowners insurance market “storm” in 2022:

On a recent edition of AAIS Pulse, NAIC CEO Mike Consedine sat down with AAIS President and CEO Ed Kelly to share his insights on major regulatory issues facing the insurance industry and the NAIC.

Personal lines insurance is more diverse than ever before. During a Personal Lines Product Council in 2022 hosted by AAIS, Member carriers and other key stakeholders discussed several key issues affecting the market, from cryptocurrency and solar panels to container homes, “swimply”, and e-bikes and scooters.

AAIS established Product Advisory Councils to bring Member carriers and other industry stakeholders together to identify the burgeoning issues concerning insurers and the broader insurance industry today. While not all issues raised can be solved through product or program developments, we believe discussing emerging issues as well as working together within the AAIS Community can spawn new ideas and usher resources to meet today’s challenges. A general overview of several emerging issues is discussed below.